FIXD vs. SPHY
FIXD (First Trust Smith Opportunistic Fixed Income ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - FIXD is a Intermediate Core-Plus Bond fund actively managed by First Trust, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. FIXD is actively managed, while SPHY is passively managed. Over the past 5 years, FIXD returned -0.86%/yr vs 4.19%/yr for SPHY. Their 0.32 correlation means their historical movements had little consistent relationship. FIXD charges 0.65%/yr vs 0.05%/yr for SPHY.
Performance
FIXD vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, FIXD achieves a -0.78% return, which is significantly lower than SPHY's 1.84% return.
FIXD
- 1D
- -0.16%
- 1M
- -1.41%
- 6M
- -0.99%
- YTD
- -0.78%
- 1Y
- 2.09%
- 3Y*
- 3.90%
- 5Y*
- -0.86%
- 10Y*
- —
- ALL TIME*
- 1.90%
SPHY
- 1D
- 0.04%
- 1M
- -0.30%
- 6M
- 1.20%
- YTD
- 1.84%
- 1Y
- 5.47%
- 3Y*
- 8.43%
- 5Y*
- 4.19%
- 10Y*
- 4.92%
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.13M | $12.35M | $17.01M | |
| $242.17M | $164.39M | $124.54M |
FIXD vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIXD First Trust Smith Opportunistic Fixed Income ETF | -0.78% | 7.95% | 0.75% | 5.72% | -15.00% | -1.07% | 8.99% | 10.56% | 0.00% | 3.40% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.84% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 6.43% |
Correlation
The correlation between FIXD and SPHY is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017 | 0.32 |
Over the past year, FIXD and SPHY have become more correlated (0.65) than their long-term average of 0.32, meaning their price movements have been converging.
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Return for Risk
FIXD vs. SPHY — Risk / Return Rank
FIXD
SPHY
FIXD vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Smith Opportunistic Fixed Income ETF (FIXD) and SPDR Portfolio High Yield Bond ETF (SPHY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FIXD | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.29 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 2.27 | -1.36 |
| Martin ratioReturn relative to average drawdown | 2.32 | 10.10 | -7.78 |
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Drawdowns
FIXD vs. SPHY - Drawdown Comparison
The maximum FIXD drawdown since its inception was -20.44%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FIXD and SPHY.
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Drawdown Indicators
| FIXD | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.44% | -21.97% | +1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.41% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -5.96% | -4.85% | -1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -20.44% | -15.29% | -5.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -4.46% | -0.43% | -4.03% |
Average DrawdownAverage peak-to-trough decline | -5.47% | -2.27% | -3.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 0.54% | +0.72% |
Volatility
FIXD vs. SPHY - Volatility Comparison
First Trust Smith Opportunistic Fixed Income ETF (FIXD) has a higher volatility of 1.09% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.75%. This indicates that FIXD's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIXD | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.75% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 3.02% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.13% | 3.67% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 7.18% | -0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.81% | 7.83% | -2.02% |
FIXD vs. SPHY - Expense Ratio Comparison
FIXD has a 0.65% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
FIXD vs. SPHY - Dividend Comparison
FIXD's dividend yield for the trailing twelve months is around 4.80%, less than SPHY's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIXD First Trust Smith Opportunistic Fixed Income ETF | 4.80% | 4.50% | 4.56% | 3.93% | 3.07% | 1.74% | 3.14% | 5.10% | 2.81% | 1.95% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 6.62% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
FIXD and SPHY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIXD has higher volatility (1.09%) compared to SPHY (0.75%). In terms of maximum drawdown, FIXD dropped -20.44% vs SPHY's -21.97%.
On 5-year performance, SPHY leads with 4.19% vs -0.86% for FIXD. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHY has performed better with a 4.19% return vs -0.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.65% for FIXD.
SPHY has the higher dividend yield at 6.62%, compared with 4.80% for FIXD.
FIXD is categorized as Intermediate Core-Plus Bond, while SPHY is High Yield Bonds. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.65% for FIXD and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.49 vs 0.71), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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